El salvador a trail blazer for other developing countries

Reatim

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Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

400 BTC for a Whole country's Bitcoin Holding? while this amount is handed by only small investor here?
let us not exaggerate the situation because we all knew that this is not a big impact in crypto market though this is indeed a Trail blazer because nowadays many more country is looking to what El salvador does about bitcoin.

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El Salvador is the first country to recognize Bitcoin as legal tender. Many people and media are paying attention to El Salvador. When El Salvador does something, everyone will always pay attention to it for the first time. Other countries will follow El Salvador. When El Salvador has officially adopted or good measures, other countries will learn.

Paying attention is far different from being a big investor and user so lets not conclude that far until it happens .

wxa7115

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Quote from: matjas on September 15, 2021, 02:02:09 AM

I wonder how many % of population actually use BTC. I am afraid majority don’t understand how it works and therefore doest trust it. Government will really have to step up and educate their people if they want it to be massively accepted.
The good thing is other counties have time to analyse the best way to approach BTC adoption based on El Salvador.

We cannot really expect governments do something like that, they do not even like the idea of people understanding fiat currencies because if they did then many people will look for alternatives the moment they find out how much of a scam fiat really is.

However this is not such a big issue, most people do not know how their car works but they know how to drive it and that is more than enough, we do not need people to understand exactly how bitcoin works, they just need to learn good practices when storing and sending their coins and that is all what they would need to use bitcoin correctly.

Spack17

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El Salvador has become a big example for the other developing and underdeveloped countries. They had the courage to make Bitcoin legal tender even though this might result in badly in the future also. And I hope that it doesn't happen. El Salvador is continuing to take the steps needed to make people become interested in Bitcoin in their country. If they go on successfully, we can see new countries taking the same action also.

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Quote from: hatshepsut93 on September 16, 2021, 04:06:22 PM

Quote from: tyz on September 14, 2021, 03:37:45 PM

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

Haven't been keeping up with the current news there concerning it's bitcoin acceptance into their financial system as legal tender.
But the last time I seen something about it was not good.
They showed people protesting and burning signs of the bitcoin symbol.
Now I don't speak the el salvadorian language (spanish?) but having them setting ablaze signs with the BTC on them and all those protestors against a government sanctioned currency does not look good to the rest of the world.

TravelMug

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Quote from: Pulsar77 on September 16, 2021, 04:56:59 PM

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

Yeah, but I think some countries are going to be undecided even if bitcoin is to be successful in El Salvador. I reckon that the number issue for them will be bitcoin's volatility and then the rampant scams.

So it will be 50/50, countries might stick to their fiat or the US dollar as their medium of exchange. Although one obviously effect is that they maybe left in the closet when other nations started to legalised BTC. So let's see how it pan out, maybe in the next bearish trend and see how El Salvador are going to react about it.

Ziskinberg

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Quote from: Pulsar77 on September 16, 2021, 04:56:59 PM

El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

And they have the reason why they should adopt the system and make a law to legalized the use of Bitcoin. Some big countries never appreciated it but these small and third-world countries giving such importance as they consider this a helping tool to grow their economy and uplift the living status of their people. It is someday many will also follow the footstep of El Salvador, in fact, we heard the news that some of the Asian countries are talking about crypto legalization which I presume it can be happening soon.

Pulsar77

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El Salvador has already affected many countries by their decision to make Bitcoin legal tender. Many governments have started to monitor the ongoing process in El Salvador. They are trying various ways to get people's attention to using it more than their main currency which is fiat. As long as they are successful, more and more governments will see this and they will take the same action also.

Yamifoud

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Quote from: Kong Hey Pakboy on September 15, 2021, 07:49:50 AM

Quote from: zanezane on September 15, 2021, 12:17:55 AM

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

Until it was still out of their control, they keep resisting it and this will include fiat banks. Even it was legalized in El Salvador these developing countries will never take a look that hard and consider this for a profit venue but rather ignore it. Because if that they foresee that this could give them additional revenue, I think they are in the rush to get in and legalize crypto but they don't.
This will give hope for the small countries but not for the developing countries (maybe in the future).

hatshepsut93

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Quote from: tyz on September 14, 2021, 03:37:45 PM

Well, agree! We are witnessing an experiment that has never happened in the history of mankind. A country introduces a currency that cannot be multiplied at will, over which it has no control, and which can be transferred worldwide in minutes without the need of an indimediary instance. As I wrote in an earlier post: We should wait 1-2 years. If El Salvador will make good experience with it, then this would be a blueprint for other countries that have similar conditions as El Salvador.

My biggest concern is that the people of El Salvador will simply ignore Bitcoin and it will be used an example that it's pointless to make laws that support it. Maybe adopting Bitcoin as a legal tender happened too early, Lightning Network is not officially released and the price is still pretty volatile.

Kong Hey Pakboy

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Quote from: zanezane on September 15, 2021, 12:17:55 AM

Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

We just have to hope for the best, we don't know if things are going to go that way since international financial institutions are going to be resisting the progress even if Ep Salvador is successful with what they're doing.

Kusman

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El Salvador is a big role model for the countries which are intending to making Bitcoin legal tender or accepting Bitcoin while paying for something at least. And I heard that Ukraine was getting ready to make Bitcoin legal tender also. First, they think of adding Bitcoin as a second currency alongside gryvnya. But they think of stopping the usage of their main currency while integrating Bitcoin into daily life also.

cotton ball

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before we discuss in more detail about other developed countries following in the footsteps of el salvador, we have to wait first how the el salvador economy will go in the future, will the economy improve, because if the el salvador economy advances with bitcoin, automatically other developed countries will follow el salvador's steps Because it will flow by itself like river water.

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Quote from: int03h on September 07, 2021, 10:12:37 AM

Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

We have to wait for the economic optimism of El Salvador after they adopt the policy of using Bitcoin for payment. At least 5 years to observe.
Bitcoin is just a payment unit and it fluctuates widely. Businesses that hold Bitcoin may be at a disadvantage because of the price drop.

Yes in order for the researchers to conclude a solid statement. So far what they need to look out first is the problems that may occur in the long run like, stability of its app, how to tax it, do all parts of the country manages to adopt and many more. But this is a great kick starter for other countries if they are going to use btc as their currency.

matjas

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I wonder how many % of population actually use BTC. I am afraid majority don’t understand how it works and therefore doest trust it. Government will really have to step up and educate their people if they want it to be massively accepted.
The good thing is other counties have time to analyse the best way to approach BTC adoption based on El Salvador.

zanezane

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Totally agree, El Salvador's action is actually a big catalyst for more countries to eventually adopt and use bitcoin and when that time comes, we will probably see bitcoin getting much bigger than ever because with more adoption comes more demand and with more demand in a limited supply meant higher prices for bitcoin.

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Quote from: Pouvoirp on September 07, 2021, 05:24:46 AM

-El Salvador has just bought 200 new sets of bitcoins.
-Making it their official medium of financial exchange
- They now hold a total of 400 BTC.
- I wish other countries would adopt this method of transaction.
- They made sanctions on businesses that don't use chivo wallet and refuse to use BTC as a medium of financial transaction

This country starts it all , now there are surely other countries that has been looking into doing similar to what El Salvador does and we will see some future action on this because since that adoption there are news that other country is considering having this and also those countries that long time planning but has no guts to make it reality.
so Indeed that EL Salvador is the Blazer and the starter of this great adoption .

Kittygalore

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Well, they're the first so it's only understandable that they're going to set an example for the other countries and they need to show results quickly since the eyes of many financial institutions around the world are also keeping an eye besides the other countries. Hopefully they will become successful so we can see a domino effect with other countries starting their own adoption as quickly as possible.

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I find it difficult for a country to fully adopt Bitcoin as the country's only currency for more than one reason:
First: the high volatility of Bitcoin prices. Suppose that El Salvador transferred all of its financial stock as a country to Bitcoin, and the price of Bitcoin fell about 10%. This means that El Salvador’s financial assets have lost 10% of their value, and I think this is bad for the national economy.
Second: It is very difficult to use Bitcoin as a medium for fast daily financial transactions due to the high fees and network congestion, and this will cause several problems.
Of course, we are with the spread of Bitcoin and we bless the bold step taken by El Salvador and we hope that the rest of the countries will follow it, but it takes some time before we see the actual results on the ground, then we can see what are the problems facing this adoption and what are the available solutions to overcome these the problems.

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El Salvador is exactly a trail blazer for the rest of the developing countries all over the world. Especially the Latin American countries like Cuba, Argentina, Paraguay etc. have been interested in making Bitcoin legal tender. And Cuba has taken one step forward actually. They are preparing to start accepting Bitcoin payments also. This could lead to being the legal tender also.

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Other countries might do the same thing as what El Salvador did but there's this that stops them and it's probably because of the idea that they can't do it because they're the government.

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